By Emmanuella Anokam

Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), has convened a high-level meeting with key stakeholders in the oil and gas sector to resolve issues surrounding the Dangote Refinery.

This is contained in a statement by Nneamaka Okafor, the Special Adviser to the minister on Media and Communications.

The Meeting which held on Monday in Abuja had in attendance Alhaji Aliko Dangote, Chairman/CEO, Dangote Group and Mr Farouk Ahmed, Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Others are Mr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Malam Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd).

It will be recalled that recent face-off in the industry saw the leadership of the Dangote Group, NMDPRA and NNPC Ltd, in a disagreement over some pertinent issues.

Dangote had declared that the NNPC Ltd no longer owned a 20 per cent stake in its refinery, stressing that the Nigerian oil company now owns only 7.2 per cent of the refinery due to its failure to pay the balance of their shares, which was due in June.

The NNPC Ltd, however, said the decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.

Dangote Refinery

The NMDPRA was also at loggerheads with Dangote over issues bordering on licenses, which the Authority said the Dangote refinery was at its pre-commissioning stage while its diesel below international standards.

Dangote, however, refuted the NMDPRA stand on the issue.

Dangote also accused the International Oil Companies (IOCs) of frustrating its refinery operations by selling crude oil to it through their foreign trading arms offering cargoes at two to four dollars per barrel, above NUPRC official price.

To address the impass, the minister convened the meeting to find a lasting solution to the current issues affecting the Dangote refinery, with all parties demonstrating commitment to collaborative and proactive problem-solving.

Lokpobiri emphasised the importance of cooperation and synergy among all stakeholders.

This, he said would ensure the success and optimal performance of the oil and gas sector, which he described as pivotal for Nigeria’s economic growth and energy security.

The stakeholders expressed their gratitude to the minister for his exemplary leadership and timely intervention in facilitating the dialogue.

The meeting marked a significant step towards resolving the challenges and underscores the minister’s dedication to foster a conducive environment for Nigeria’s oil and gas sector.

The coming on stream of the $20 billion Dangote refinery with a refining capacity of 650,000 barrels per day (bpd) in 2023, gave impetus to the country’s oil and gas sector as it would ensure that Nigeria was not reliant on fuel from overseas. (NAN)(www.nannews.ng)

Edited by Rabiu Sani-Ali

L-R : Executive secretary NEITI Dr Orji Ogbonnaya Orji, Chairman ECOWAS Federation of Chambers of Miners, Alhaji Shehu Sani and National President , Miners Association of Nigeria , Mr Dele Ayanleke at the Multi-stakeholders Roundtable on Enhancing Inclusiveness and Addressing Inequalities in Nigeria Mining Sector

By Emmanuella Anokam

Stakeholders in the Extractive Industries have urged inclusiveness of all stakeholders and host communities to address inequalities in the mining sector.

They made the call on Wednesday, at the 2024 Multi-stakeholder Roundtable on ‘Enhancing Inclusiveness in Promoting Transparency and Addressing Inequalities in Nigeria’s Mining Sector”.

The News Agency of Nigeria (NAN) reports that the event was organised by Global Rights, in collaboration with the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Ministry of Solid Minerals Development.

It seeks to address issues bothering on extractive Industries to avoid recurring mistakes observed in oil industries.

Dr Orji Ogbonnaya Orji, the Executive Secretary of NEITI, in his remarks said ‘‘the forum was imperative, aiming at discussing issues that NEITI had considered to prioritise in its new strategic renewed attention and focus towards the solid minerals sector,’’.

Orji reaffirmed NEITI’s commitment to the partnership between the Global Rights Ministry of Solid Minerals Development and the Ford Foundation in enhancing inclusiveness in the mining sector.

“At the heart of our discussions at this roundtable are two major issues of common concern- fiscal justice and inclusion to put on the agenda as commitments and considered major components of the on-going reforms of the sector.

“For us in NEITI, we also need our partner, Global Rights to consider specifically and pay greater attention to the issues of gender equity and inclusion, specifically, women inclusion.

“Women’s participation in the mining and steel sector has become an issue of debate and advocacy globally.

“This is in view of the negative implications a male-dominated extractive industry characterised by limited access for women in areas of employment opportunities, training, skills acquisition, investments and exposure to issues on managing natural resources endowments,” he said.

The NEITI boss said the roundtable was also important to interrogate some manmade obstacles frustrating women participation in extractive sector activities.

He said gender inclusion in decision making was one of the areas of policy reform.

He listed public disclosure of data that identified specific social, economic, cultural, environmental challenges, women and children faced in oil, gas and mining host communities as some of the policy reforms.

Ms Abiodun Baiyewu, the Executive Director, Global Rights, said the end of oil was approaching, hence the need for Nigeria to enhance the extractive industries to boost the nation’s economy.

Baiyewu also decried the effect of unregulated mining activities affecting the host communities in Nigeria, adding that the extractive sectors had only contributed less than one per cent of our national Gross Domestic Product (GDP) .

“With more than 40 minerals in commercial quantities found across the country, our extractive sectors contribute less than one per cent of the national GDP.

“More than 80 per cent of the sector, artisanal mining in particular is unregulated and the revenue accounted for, ” she said.

Mr Habibu Wushishi, the National Co-Chair, Federation of Nigeria Host Communities, expressed dismay over irregular mining activities that claimed lives among the communities.

Wushishi called on the government to adopt best global practices in the extractive sectors to address such issues across the nation.

The event had in attendance stakeholders from the host communities, royal highnesses, CEOs from various Civil Society Organisations (CSOs) and captains of industries among others. (NAN) (www.nannews.ng)

Edited by Gregg Mmaduakolam/Ese E. Eniola Williams

The Permanent Secretary of the Ministry of Petroleum Resources, Amb. Nicholas Ella.

By Emmanuella Anokam

The African Petroleum Producers’ Organisation (APPO) has urged member countries to fulfill their financial obligations towards establishing the Africa Energy Bank.

To ensure the bank’s operationalisation, the APPO Secretary-General, Dr Umar Ibrahim, urged African oil-producing member countries to contribute their subscription fees of 83 million dollars.

According to him, the bank will be inaugurated in September.

The News Agency of Nigeria (NAN) recalls that Nigeria had on July 4, secured the hosting rights for the Africa Energy Bank, which will be located in Abuja.

Ibrahim spoke at the 18th ordinary meeting of the APPO executive board in Brazzaville, Republic of Congo, where APPO’s headquarters is situated.

The Nigerian delegation was led by the Permanent Secretary of the Ministry of Petroleum Resources, Amb. Nicholas Ella.

In a statement issued by Ella on Wednesday, Ibrahim reaffirmed APPO council of ministers’ resolution to confer the hosting rights of the Africa Energy Bank on Nigeria.

“We are aligned with the resolutions of APPO council of ministers from last week. We will double our efforts to ensure we gather the necessary funds to initiate the Africa Energy Bank,” Ibrahim said.

According to him, the oil producing member countries have formally written to the Nigerian government to discuss expedited steps to establish the bank.

“On July 5, we formally wrote to the Federal Republic of Nigeria. We will discuss how quickly the bank building will be ready and the host country agreement prepared for signature.

“We already have one member country that has signed the establishment agreement; we need one more signature to proceed,’’ Ibrahim said.

The permanent secretary while reiterating Nigeria’s commitment to the continental bloc’s ideals to enhance energy security, expressed President Bola Tinubu’s gratitude to the member states’ unwavering support and confidence in Nigeria’s bid to host the Bank.

“The gathering of the 18-member countries of APPO in Brazzaville demonstrates our collective dedication to fostering unity, cooperation, and sustainable development within the African energy sector,’’ Ella said.

He pledged Nigeria’s determination to collaborate with other members to address the financial needs of Africa’s energy sector through funding oil and gas projects.

Ella urged member countries to harness the collective strength of our nations to build a brighter, more prosperous future for Africa.

“Together, we will create an institution that addresses the financial needs of our energy projects and champion sustainable development, environmental stewardship, and economic inclusivity across Africa.’’

Dr Ibe Kachikwu, a former Nigerian Minister of State for Petroleum Resources, suggested a ten-year plan for the energy industry to encourage an “open era” for investment and advised APPO to grow the bank’s capital base before investing.

During a brainstorming session on the continent’s energy future, Algerian executive board member Remini Amine said that local content, manpower, and infrastructure development are key to unlocking Africa’s energy opportunities.

APPO member state representatives agreed that the Africa Energy Bank would bridge funding gaps in the sector.

The Africa Energy Bank is an initiative of the African Petroleum Producers Organisation and Afreximbank. (NAN) (www.nannews.ng)

Edited by Ese E, Eniola Williams

Some of the 12 CNG stations commissioned simultaneously by Mr Ekperikpe Ekpo, Minister of State Petroleum Resources (Gas) in Abuja and Lagos on Thursday

By Emmanuella Anokam
The Nigerian National Petroleum Company (NNPC Ltd.) says the drive to bring Compressed Natural Gas (CNG) closer to Nigerians has commenced and it is irreversible.
Malam Mele Kyari, the Group Chief Executive Officer, NNPC Ltd, said in addition to the massive deployment of CNG stations nationwide, the company and its partners would also build three Liquefied Natural Gas (LNG) stations in Ajaokuta.
Kyari said this during the simultaneous launch of 12 CNG stations in Abuja and Lagos by Mr Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas).
“There is simply no way to turn back on delivering CNG for all Nigerians. It is the right thing to do. Is it late? Yes, but we will make progress.
“We will cover the gap to ensure that the volatility we see with Premium Motor Spirit (petrol) does not apply to gas,” Kyari said.
He commended President Bola Tinubu for providing the needed support to drive domestic gas utilisation, aimed at delivering cleaner and cheaper source of energy to Nigerians.
In his remarks, the Managing Director, NNPC Retail Limited, Mr Huub Stokman, said the NNPC Retail planned to set up over 100 CNG sites, including 16 NNPC Gas Marketing and NIPCO Gas JV sites in the next one year.
“CNG provides Nigeria with affordable alternatives to existing available fuel products. It will be about 40 per cent cheaper than petrol in Nigeria and with continued investments, it will become a significant part of our energy mix,” Stokman added.
The Chairman of the NNPC Board of Directors, Chief Pius Akinyelure, said increased CNG adoption would foster economic benefits by reducing fuel costs for consumers and businesses alike.
The NNPC Ltd. has taken the lead in the deployment of Auto-CNG Stations across Nigeria sequel to the removal of fuel subsidy and the declaration of the Presidential Compressed Natural Gas (CNG) initiatives.
Already, NNPC Gas Marketing Limited, a subsidiary of NNPC Limited, in partnership with NIPCO Gas Limited has developed an Auto-CNG rollout plan for construction of 35 CNG stations across the country. (NAN)(www.nannews.ng)
Edited by Rabiu Sani-Ali

By Emmanuella Anokam

The TotalEnergies Nigeria says the deep water segment of oil and gas industry in Nigeria has been stuck for 10 years since the Egina Final Investment Decision (FID).

Mr Matthieu Bouyer, the Country Chairman/Managing Director of TotalEnergies Nigeria, made this known at the 23rd Nigeria Oil and Gas (NOG) conference, on Wednesday in Abuja.

The theme of the conference is: “Showcasing Opportunities, Driving Investment, Meeting Energy Demand’’.

The News Agency of Nigeria (NAN), reports that the Egina oilfield is one of the TotalEnergies most ambitious ultradeep offshore project, located at about 130km offshore Nigeria at water depth of more than 1,500m.

Bouyer, in a session entitled: “Defining The Outlook For Deep-Water Exploration and Production in Nigeria”, blamed the gap on high operating costs and lack of contractors and competition in Nigeria.

He listed increased levies, changes in fiscal terms, lack of contractors, competition in regional markets and comparatively high operating cost as some of the reasoned behind the development.

According to him, many contractors had left the country and that has increased the lack of competition in the sector.

To move the deep water sector forward and increase competition in the sector, Bouyer stressed the need for the Federal Government to understand why they left and effect measures to bring them back.

“Even with the fiscal incentives, if the costs are too high, investment will not be possible, therefore, there is need for competition to drive the costs down.

“As Capex are capped, arbitration are made. So it’s important to be competitive and agile to accommodate requirements,’’ he said.

He underscored the need for proactive measures to encourage investments in the deep water space. (NAN) (www.nannew.ng)

Edited by Abiemwense Moru

Malam Mele Kyari GCEO, NNPC Ltd. (Right) Flanked by Minister of State Petroleum Resources (Gas), with other dignitaries on Thursday at the commissioning of 12 CNG stations

By Emmanuella Anokam

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has inaugurated 12 Compressed Natural Gas (CNG) stations across Abuja and Lagos State,  to enhance access to cheaper and cleaner fuel in the country.

The News Agency of Nigeria (NAN) reports that the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo inaugurated the 12 stations on Thursday simultaneously in Abuja and Lagos.

NAN reports that eight were sited in Abuja and four others in Abuja, respectively.

The Abuja stations are located at the Airport Road; Kubwa, Gaduwa, Olusegun Obasanjo Way, Zone 1, Dei-Dei Junction, Duste-Bwari Road and Gwagwalada.

The NNPC Ltd., under a strategic partnership with NIPCO Gas Ltd. executed the projects to offer CNG to a wide range of CNG vehicles including tricycles, cars, buses and heavy transport vehicles.

The Abuja and Lagos stations have a combined dispensing capacity of over six Million Standard Cubic Feet (MMSCF) of CNG daily, serving approximately 15,000 vehicles daily.

These CNG stations, according to NNPC, feature advanced reciprocating and hydraulic booster compressors, ensuring a dispensing pressure of 200 bar of CNG vehicles.

Ekpo said the gesture demonstrated the determination of the Federal Government to drive the CNG project to ensure gas prosperity.

According to Ekpo,  the stations will not only provide economic benefits by creating jobs and stimulating local economies, rather contribute significantly to Nigeria’s national goals of reducing emissions and combating climate change.

“Today the stations are being commissioned simultaneously in 12 stations in the country, gas prosperity is in progress.

“I commend the NNPC Ltd. for living up to their mandate to ensure that CNG is available for Nigerians. It is irreversible.

“From the daily production in the country currently we are only using three per cent that goes a long way to tell you that irrespective of the demand, we will meet the target.

“And of course the NNPC Ltd. and other investors are not relenting in making sure that they go into new development of gas,’’ he said.

Malam Mele Kyari, Group Chief Executive Officer NNPC Ltd., said the Abuja stations would soon connect to the AKK Gas Pipeline, becoming a mother CNG station.

Kyari added that the stations’ power needed would be met by gas-driven generators, reducing carbon emissions.

He said the CNG would be supplied to stations in Abuja and Lagos via virtual transportation from mother stations in Ajaokuta, Kogi and Ibafo in Ogun state.

The CNG station on the Airport Road, Abuja includes a 5-bay CNG Vehicle Conversion Workshop, capable of converting five to six vehicles daily.

Under Presidential CNG Initiative, NNPCL and NIPCO Gas entered into strategic partnership for expansion of CNG stations across Nigeria, and 35 CNG stations are to be constructed.

Speaking with NAN, the Director, Presidential-CNG Initiative, Mr Toyin Subairu said with CNG usage, at N230 per litre, against N680 per litre of fuel a driver would save about N70,000 per week and N2.6 million a year.

Speaking on cost of conversion rate which is about N600,000, Subairu said the kits would be provided to commercial vehicles at 50 per cent surcharged, to enhance access to the CNG.

He said Nigerians are willing to convert their vehicles to CNG engine judging by the queues they witnessed currently, which encouraged the opening of more CNG stations across the country.

“Before the station attendants could convert four vehicles daily, now apparently they can do 13 vehicles daily.

“President Bola Tinubu will want a million kits to be given for free and conversion done for free in the country to assist Nigerians,’’ he said . (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

By Emmanuella Anokam

Stakeholders in the oil and gas sector have called for the review of the zero per cent import duties on the importation of Liquefied Petroleum Gas (LPG) cylinders, to encourage local production.

The stakeholders, who spoke in seperate interviews with the News Agency of Nigeria (NAN) on the sidelines of the 2024 Nigeria Oil and Gas (NOG) conference in Abuja.

NAN reports that the conference is designed to encourage local content and grow the country’s Gross Domestic Product (GDP).

The stakeholders sought for 40 per cent upward review of import duties against the prevailing 20 per cent.

Mrs Nkechi Obi, Group Managing Director, Techno Oil Limited, urged the Federal Government to reverse the zero import duties placed on the importation of LPG cylinders and restore the initial 40 per cent, to discourage importation.

“We need policy reversal on that to encourage local producers.

“The unofficial explanation we are getting from some customs officers is that the Compressed Natural Gas (CNG), which the government wants to encourage its usage in Nigeria, has the same Harmonised System (HS) code with LPG.

“So, the import benefits placed on CNG equipment eventually affected LPG equipment; that is why they were tied together on the zero import duties.

“Harmonised System codes are commonly used throughout the import and export process for the classification of goods.

“For me, we don’t produce CNG cylinders in Nigeria because it involves advanced technology but we produce LPG cylinders here.

“For us to produce CNG cylinders, we have to change one or two machines, and we expect the government to encourage us to upscale our technology to 32, which we are planning to do.”

Obi suggested for exemption LPG HS code from that of the CNG, adding this would make the importers of LPG to pay higher duties.

“It will also enable the government to continue with its efforts to make CNG affordable in the country with zero import duties.

“The previous government protected those producing cylinders, so that import will not overshadow local production; they did that to encourage local manufacturing but when this government came into existence, policy changed.

“We only enjoyed that policy for six months before it was scrapped and replaced with the new zero import duties policy.

“Definitely; we have to produce CNG cylinders and the government needs to consider those that will go into that production. But if government policy is killing LPG cylinder production that we are doing, it will be very difficult to enter into CNG cylinder production.

“So, if there is anybody who can venture into CNG cylinder production, we the producers of LPG cylinders are here to do that and it is in our plan.

“But we are not encouraged to do it because of what happened to us in the LPG cylinder production because of the frustrating policy that’s encouraging importation,” Obi added.

An Economist, Dr Chijioke Ekechukwu, said that the government must be deliberate about building the economy.

“In doing so, we should not be approbating and reprobating at the same time.

“There are companies in Nigeria manufacturing LPG cylinders and have the capacity to manufacture the quantities required.

“Why do we create business and job opportunities for some foreign companies and countries and deny Nigerians these opportunities?

“Our already scarce Forex will be utilised to import these cylinders and put more pressure on the exchange rate and external reserve, while local factories will be pushed out of business, with attendant job losses,” Ekechukwu said.

He said that efforts should be geared towards encouraging local manufacturers of LPG cylinders, contribute to the growth of Nigeria’s. (NAN)(www.nannews.ng)

Edited by Emmanuel Afonne

By Rabiu Sani-Ali

The Nigeria National Petroleum Company Limited (NNPCL), in collaboration with its partners has donated an ultramodern Information and Communication Technology (ICT) centre to the Sa’adu Zungur University, Bauchi.

The project was being implemented in collaboration with the NNPCL, Shell Petroleum Development Company (SPDC), TotalEnergies, Nigeria Agip Oil Company, and Offshore Lab. (TOL).

The ICT centre was sited at the university’s main campus at Gadau community in Itas-Gadau Local Government Area of Bauchi State.

Mr Bala Wunti, the Chief Upstream Investment Officer, NNPC Upstream Management Services (NUIMS), said the gesture was being executed under its Corporate Social Responsibility (CSR), designed to advance IT education and human capital development to support oil exploration in the North-East region.

Wunti, who spoke during the inauguration of the centre, said CSR has been a hallmark of the NNPC-SPDC Joint Venture (JV).

Represented by Sani Kabo, Head of Business Management Services, NUIMS, Wunti said the joint venture partnership had bern investing in impactful CSR initiatives for many years across the country.

“Today; the joint venture is in Bauchi to celebrate the completion of a state-of-the-art ICT Centre at the Sa’adu Zungur University Bauchi, formally (Bauchi State University, Gadau). This is indeed no mean feat and a milestone worthy of celebration.

“Education has always been a cornerstone of societal development, and in today’s world, Information and Communication Technology (ICT) is an essential pillar that supports this foundation,” he said.

Wunti said the NNPC-NUIMS has rallied its partners to support host communities towards human capital development and talents that would aspire to be the future of the industry.

The project, he said, is a glimpse of the positive impact of the oil and gas industry on the fortunes of Nigeria.

According to Wunti, with the upcoming Kolmani Integrated Development Project, Bauchi and Gombe are set to become the first two states in northern Nigeria, to join the oil-producing states in the country.

He lauded the management and staff of NUIMS and the NNPC-SPDC partners for their contributions towards the successful execution of the project.

While commending the Bauchi state government, community leaders, the management of the university and host communities for their support, Wunti called for effective utilisation of the centre to achieve its objectives.

Also speaking, Dr Osagie Okunbor, the Managing Director, SPDC and Country Chair of Shell Companies in Nigeria, described the centre as “a very important social investment project completed by SPDC JV in the North-East region.”

Okunbor, who was represented by Mr Igo Weli, General Manager, Corporate Relations Shell Companies in Nigeria, said they had implemented live strengthening interventions aimed at improving the social and economic wellbeing of the people in the region.

The managing director listed some of the interventions to include unveiling of the Primary Healthcare Centre, Nangere in Yobe, and the completion of two live strengthening programmes to support displaced families in Gujba, Jere and Mafa in Borno and Yobe, respectively.

He said that all the projects had been completed and inaugurated early this year.

“The collaboration of joint venture partners and the Bauchi State University has resulted in the success of the project, which is a social investment project that demonstrates commitment toward improving access to quality education for every Nigerian,” he said.

According to Okunbor, the establishment of the centre has been driven by a vision to enhance educational infrastructure, support access to high demand IT skills and inspire a greater IT ecosystem in Bauchi state and the North-East region.

The two-floor ICT facility, he said, was designed to visually stimulate collaborative workspaces that foster an environment where the students engage in group work, brainstorming sessions, ideation meetings.

He added, “This promotes a collaborative work style essential for innovation teamwork.”

Other features of the facility included an independent water supply, 100 KVA power generator, a landscape, bicycle shed and cycling path.

“During its construction, we engaged the services of several local contractors, who played important roles in executing various scopes of work.

”They ranged from supplies, craftsmanship, medical services, and scaffolding. This is a testar quality of experience in our host communities,” he said.

Okunbor added that some 75 staff and students had been exposed to hands-on data science, embedded systems and hardware engineering, to grow in-house and ensure that the facility is put to good use as well as foster sustainable development.

He said, “It is our sincere hope that the facility will help to strengthen teaching and research at this university.”

According to him, SPDC and its partners are committed towards achieving sustainable development through viable education, shelter, Water Sanitation and Hygiene (WASH) intervention projects.

Gov. Bala Mohammed, who inaugurated the project, commended the gesture, adding that it would augment his administration’s IT education drive.

Mohammed said the state government had earmarked over N100 million in the 2024 budget to fast track implementation of ICT development projects.

The governor was represented by Tajuddeen Baba-Ma’aji, the Director-General, Bauchi State Bureau for ICT Development.

Also speaking, the Vice-Chancellor, Prof. Fatimah Tahir, commended the gesture, adding that it would improve the quality of learning, teaching and research in the institution. .

She promised to ensure the effective utilisation of the facility to advance IT education in the country. (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

By Emmanuella Anokam

Nigeria has been granted the hosting right for the African Energy Bank (AEB), after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.

Sen. Heineken Lokpobiri, the Minister of State, Petroleum Resources (Oil), told newsmen in Abuja on Thursday, that the award of hosting right for the bank highlighted Nigeria’s robust energy sector.

He said, “the award of the hosting right also highlights the country ‘s strategic vision for Africa’s energy future.”

Lokpobiri expressed gratitude to President Bola Tinubu for the support extended during the course of the bidding.

He also thanked the Council of Ministers of the African Petroleum Producers Organisation (APPO) for the confidence in Nigeria’s capability.

The minister highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.

He emphasised that “this decision reflects our collective ambition to create African solutions to Africa’s energy challenges.

“The African Energy Bank will be instrumental to providing the necessary financial backbone for energy projects that will drive growth and development across the continent.

“The decision is a significant step for the continent’s energy sector and underscores Nigeria’s pivotal role in Africa’s energy landscape.”

The minister assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.

He said that the initiative aligned with the broader objectives of African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.

“We are committed to ensuring that the bank did not only move Nigeria forward, but becomes a beacon of progress for the entire continent.

“Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”

The News Agency of Nigeria (NAN) reports that the bank is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security. (NAN)(www.nannews.ng)

Edited by Hadiza Mohammed-Aliyu

By Emmanuella Anokam

Sen. Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), has called for more investments in the oil and gas industry to ramp up production and boost foreign exchange earnings.

Lokpobiri made the call on Tuesday at the Nigerian Oil and Gas (NOG) Energy Week holding in Abuja.

The country has over 37.5 billion barrels of proven crude oil reserves and 209 trillion cubic feet (tcf) and 600 tcf of proven and contingent gas reserves respectively.

According to the Independent Petroleum Producers Group (IPPG) Nigeria finds itself in a situation where its daily production has significantly dropped to about 1.3 million barrels of oil and 8.5 bcf of gas.

Lokpobiri, in an opening address blamed the development on lack of drilling investments in the sector, disclosed that efforts were ongoing to change the narrative by attracting more investments into the sector.

“We have been working hard to ramp up production. The overall objective is to increase production.

“It is when we ramp up production that we will be able to get the required forex inflow into the country, get money to fund budget, and satisfy energy demand.

“But you can only increase production by way of increasing investments,” Lokpobiri said.

Mr Ekperikpe Ekpo, Minister of State, Petroleum Resources (Gas), in an address, said the Ministry had been instrumental in implementing reforms that made Nigeria an attractive destination for investors.

He said the Petroleum Industry Act (PIA) 2021 and the recent Presidential Directive for Oil and Gas Companies on Tax Incentives, Exemption, Remission, among others by President Bola Tinubu, created a conducive environment for investment.

“The regulatory frameworks now in place incentivise investment, streamline bureaucratic processes, and provide clarity on fiscal terms,” he noted.

Earlier, the Chairman, IPPG, Mr Abdulrazaq Isa, had sought for measures by all relevant stakeholders to address the dwindling production level and under-investment in the oil and gas industry.

He said that in spite of the nation’s world hydrocarbon resource base, with over 37 billion barrels of proven crude oil reserves and 207 tcf and 600 tcf of proven and contingent gas reserves respectively, daily production had dwindled.

He expressed worry that daily production had significantly dropped and stood at about 1.3 million barrels of oil and 8.5 bcf of gas today.

“This is way below our capacity as a nation and by all globally acceptable standards, this reserves to production ratio is extremely low and a clear indicator that the industry is in a dire situation.”(NAN) (www.nannews.ng)

Edited by Maureen Atuonwu